2023-06-22 07:00:00
ALL Bed Bath & Beyond stores will shutter this summer, but the retailer’s new buyer will keep charge of key online assets from the company.
After a successful auction win, online retailer Overstock.com has purchased Bed Bath & Beyond’s intellectual property and mobile platform, court filings showed Thursday.
Bed Bath & Beyond previously said it would be closing all stores in JuneCredit: Getty
The total sale for the property from the bankrupt retail giant will take place for $21.5million.
However, the sale will still need to be approved at a hearing on Tuesday.
While Overstock will have access to Bed Bath & Beyond’s online platform, data and publicity rights, the stores are not included in the deal.
This means all the 350 remaining stores still have an upcoming closing date in June, marking the end of Bed Bath & Beyond’s reign in malls nationwide.
Read more about store closures
In a statement to The U.S. Sun, the company said: “We are closing select Bed Bath & Beyond and buybuy Baby stores across the country through the end of June.”
A spokesperson confirmed the sale to The U.S. Sun on Thursday.
“Following completion of the court-approved auction process and in consultation with the lenders and official committee of unsecured creditors, Bed Bath & Beyond Inc. has selected a proposal from Overstock.com as the winning bidder,” the spokesperson said.
The future of Bed Bath & Beyond’s buybuy Baby brand is still up in the air, however.
The children’s brand has its auction set for next week, where investment firms Go Global Retail and Sixth Street Partners will likely present offers.
Go Global Retail, which owns children’s apparel brand Janie and Jack, may keep some stores open if the chain is acquired through a deal.
Neil Saunders, a retail analyst and managing director at GlobalData Retail, said buybuy Baby “is the one part of the operation that will probably attract interest from buyers,” according to CNN.
REMAINING STORES
Across the United States, many Bed Bath & Beyond stores are still open for business, although this will change soon.
The list of affected city stores includes:
Alabama:
- Birmingham
- Hoover
- Please pray
- Gulf Shores
- Huntsville
Alaska:
Arizona:
- Avondale
- Gilbert
- Mesa
- Phoenix
- Surprise
- Tucson
- Chandler
- Glendale
- Prescott
- Yuma
Arkansas:
- Fayetteville
- Rogers
- Little Rock
California:
- Apple Valley
- Canoga Park
- Daly City
- Eureka
- Schooner
- The Angels
- Mission Viejo
- Murrieta
- Oceanside
- Pasadena
- Rancho Cucamonga
- Redwood City
- Roseville
- San Diego
- Santa Rosa
- Studio City
- Torrance
- Bakersfield
- Capitola
- Dublin
- Fresno
- The fifth
- Modesto
- Oakland
- Palm Springs
- Pleasant Hill
- Redlands
- Riverside
- Sacramento
- Saint Clare
- Seal Beach
- Thousand Oaks
- Ventura
Colorado:
- Aurora
- Colorado Springs
- Durango
- Fort Collins
- Glendale
- Golden
- Highlands Ranch
- Littleton
- Longmont
- Parker
- Westminster
Connecticut:
Delaware:
- Christiana
- Rehoboth Beach
Florida:
- Aventura
- Boca Raton
- Bradenton
- Cape Coral
- Clearwater
- Davie
- Daytona Beach
- Destin
- Fort Lauderdale
- Fort Myers
- Gainesville
- Jacksonville
- Jacksonville Beach
- Kissimmee
- Lady Lake
- Lakeland
- Melbourne
- Miami
- Naples
- Ocala
- Orlando
- Palm Beach Gardens
- Panama City Beach
- Pensacola
- Port Charlotte
- Sarasota
- St. Augustine
- St. Petersburg
- Stuart
- Tallahassee
- Tampa
- Vero Beach
- Wesley Chapel
- West Palm Beach
- Winter Garden
Georgia:
- Alpharetta
- Athens
- Atlanta
- Augusta
- Buford
- Columbus
- Kennesaw
- McDonough
- Peachtree City
- Savannah
- Warner Robins
Hawaii:
Idaho:
- Idaho Falls
- Meridian
- Coeur d’Alene
Illinois:
- Chicago
- Deerfield
- Downers Grove
- Frankfort
- Naperville
- Rockford
- Skokie
- Willowbrook
Indiana:
- Carmel
- Evansville
- Mishawaka
- Greenwood
- Shererville
Iowa:
Kansas:
- Lawrence
- Overland Park
- Wichita
Kentucky:
- Crestview Hills
- Louisville
- Lexington
Louisiana:
- Alexandria
- Baton Rouge
- Denham Springs
- Lafayette
- Metairie
Maine:
- Augusta
- South Portland
- Bangor
Maryland:
- Columbia
- Frederick
- Gambrills
- Rockville
- Towson
- Waldorf
Massachusetts:
- Auburn
- Braintree
- Danvers
- Foxborough
- Hingham
- Hyannis
- Plymouth
- Somerville
Michigan:
- Beverly Hills
- Grand Rapids
- Novi
- Petoskey
- Rochester Hills
- Roseville
- Sterling Heights
- Taylor
- Traverse City
Minnesota:
- Apple Valley
- Maple Grove
- Woodbury
Mississippi:
- Flowood
- Meridian
- D’Iberville
- Southaven
Missouri:
- Manchester
- Springfield
- Saint Peters
Montana:
- Billings
- Bozeman
- Missoula
- Kalispell
Nebraska:
Nevada:
New Hampshire:
- Bedford
- Concord
- Nashua
- Portsmouth
- Salem
New Jersey:
- Brick
- Cherry Hill
- Clifton
- Deptford
- East Hanover
- Eatontown
- Hamilton
- Iselin
- Lincoln Park
- Middletown
- big River
- Springfield
- Totowa
New Mexico:
New York:
- Albany
- Blasdell
- Lake Grove
- New York
- Oceanside
- Rego Park
- Riverhead
- Westbury
- Williamsville
- Yonkers
North Carolina:
- Aberdeen
- Asheville
- Cary
- Charlotte
- Durham
- Fayetteville
- Greensboro
- Holly Springs
- Jacksonville
- Matthews
- Mooresville
- Morehead City
- Raleigh
- Wilmington
- Winston-Salem
North Dakota:
Ohio:
- Cincinnati
- Columbus
- Dayton
- Mason
- North Canton
- Solon
- Toledo
- Westlake
- Youngstown
Oklahoma:
- Edmond
- Oklahoma City
- Tulsa
Oregon:
- Bend
- Eugene
- Hillsboro
- Keizer
- Tigard
Pennsylvania:
- Easton
- Erie
- Exton
- Harrisburg
- Homestead
- Jenkintown
- Lancaster
- Newtown
- Stroudsburg
- Warrington
- Whitehall
- Wilkes-Barre
Puerto Rico:
Rhode Island:
South Carolina:
- Anderson
- Bluffton
- Charleston
- Columbia
- Greenville
- Mount Pleasant
- Myrtle Beach
South Dakota:
Tennessee:
- Chattanooga
- Collierville
- Franklin
- Johnson City
- Knoxville
- Memphis
- Murfreesboro
- Nashville
Texas:
- Abilene
- Yellow
- Arlington
- Austin
- Cedar Park
- College Station
- Conroe
- Body of Christ
- Cypress
- dallas
- Denton
- Euless
- Flower Mound
- Fort Worth
- Frisco
- Houston
- Humble
- Katy
- Longview
- Lubbock
- McAllen
- McKinney
- Mesquite
- Midland
- Plano
- Rockwall
- Round Rock
- Saint Anthony
- Saint Mark
- Selma
- Southlake
- Stafford
- The Woodlands
- Tyler
- Waco
- Webster
- West El Paso
Utah:
- Ogden
- Orem
- Salt Lake City
- Sandy
- Washington City
Vermont:
Virginia:
- Charlottesville
- Dulles
- Falls Church
- Fredericksburg
- Glen Allen
- Lynchburg
- Midlothian
- Newport News
- Virginia Beach
- Woodbridge
Washington:
- Burlington
- Lynnwood
- Olympia
- Seattle
- Puyallup
- Silverdale
- Spokane
- We are going up
- Vancouver
Wisconsin:
- Green Bay
- Greendale
- Madison
BED BATH & BEYOND’S DESCENT
As the retail environment faced significant changes in the post-pandemic world, consumers turned more toward online shopping.
This, combined with a general lower demand for discretionary items due to high rates of inflation, created a perfect storm for brick and mortars like Bed Bath & Beyond to fall under.
Co-founder Warren Eisenberg said in an interview in January: “We missed the boat on the internet.”
Once the chain originally went public in 1992 with over 1,550 stores, it found widespread success until a few years ago.
In 2019, the company reported its first decline in annual sales, and it’s been in a downward spiral ever since.
The company officially filed for Chapter 11 bankruptcy in April, and its future has remained unknown until now.
POTENTIAL SALES
While many shoppers have been saddened to hear the beloved home goods giant is closing its doors for good, there are some silver linings for customers.
Due to its closing sales, the store is offering massive discounts to customers while winding down operations.
The U.S. Sun has found multiple items with liquidation prices at 60 percent of the original price.
The company said on its Facebook page that it offers “deep discounts” for the store closing sale.
“New reductions are happening in store and new merchandise is arriving often,” the post said.
The Facebook post advertised 30% to 50% off deals as the chain works to get rid of all remaining inventory.
However, keep in mind, as the stores prepare for their final days, all sales will be final so you won’t be able to bring any items back for a refund.
MORE BANKRUPTCIES
As retailers struggle to make profits amid changing consumer trends, several other companies have filed for Chapter 11 bankruptcy as well.
Party City and Tuesday Morning filed for bankruptcy and plan to close stores all across the country.
Meanwhile, David’s Bridal also is preparing to shutter its 300 stores as shoppers look for more affordable alternatives to wedding dress shopping.
CVS is closing yet another location after the drug store warned of the massive shutters ahead.
Additionally, Amazon is likewise noting an end to its brick and mortar presence – another Amazon Go store shut down in Seattle this summer.
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